Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000729580 | |
Entity Registrant Name | BEL FUSE INC /NJ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-11676 | |
Entity Address, Address Line One | 300 Executive Drive, Suite 300 | |
Entity Address, City or Town | West Orange | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07052 | |
City Area Code | 201 | |
Local Phone Number | 432-0463 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1463699 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock ($0.10 par value) | |
Trading Symbol | BELFB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 10,637,760 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock ($0.10 par value) | |
Trading Symbol | BELFA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 2,141,589 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 65,053 | $ 70,266 |
Accounts receivable, net of allowance for doubtful accounts of $1,632 and $1,552, respectively | 106,913 | 107,274 |
Inventories | 157,265 | 172,465 |
Unbilled receivables | 13,226 | 18,244 |
Assets held for sale | 0 | 1,466 |
Other current assets | 11,797 | 11,693 |
Total current assets | 354,254 | 381,408 |
Property, plant and equipment, net | 38,446 | 36,833 |
Right-of-use assets | 22,771 | 21,551 |
Equity method investment | 11,009 | 0 |
Intangible assets, net | 52,021 | 54,111 |
Goodwill | 25,897 | 25,099 |
Deferred income taxes | 10,466 | 7,281 |
Other assets | 35,597 | 34,183 |
Total assets | 552,419 | 560,466 |
Current Liabilities: | ||
Accounts payable | 51,754 | 64,589 |
Accrued expenses | 55,855 | 50,873 |
Operating lease liabilities, current | 6,181 | 5,870 |
Other current liabilities | 13,084 | 14,972 |
Total current liabilities | 126,874 | 136,304 |
Long-term Liabilities: | ||
Long-term debt | 60,000 | 95,000 |
Operating lease liabilities, long-term | 16,623 | 15,742 |
Liability for uncertain tax positions | 19,536 | 24,798 |
Minimum pension obligation and unfunded pension liability | 18,785 | 18,522 |
Deferred income taxes | 1,107 | 1,257 |
Other liabilities | 5,004 | 6,497 |
Total liabilities | 247,929 | 298,120 |
Commitments and contingencies (see Note 15) | ||
Stockholders' Equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Treasury stock (unrestricted, consisting of 3,323 Class A shares and 17,342 Class B shares) | (349) | (349) |
Additional paid-in capital | 42,627 | 40,772 |
Retained earnings | 277,790 | 237,188 |
Accumulated other comprehensive loss | (16,856) | (16,546) |
Total stockholders' equity | 304,490 | 262,346 |
Total liabilities and stockholders' equity | 552,419 | 560,466 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 214 | 214 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | 1,064 | 1,067 |
Related Party [Member] | ||
Current Assets: | ||
Related party note receivable | $ 1,958 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 1,632 | $ 1,552 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 2,141,589 | 2,141,589 |
Common stock, treasury shares (in shares) | 3,323 | 3,323 |
Common Class A [Member] | Restricted Stock [Member] | ||
Common stock, treasury shares (in shares) | 1,072,769 | 1,072,769 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares outstanding (in shares) | 10,637,760 | 10,642,760 |
Common stock, treasury shares (in shares) | 17,342 | 17,342 |
Common Class B [Member] | Restricted Stock [Member] | ||
Common stock, treasury shares (in shares) | 3,218,307 | 3,218,307 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 168,777 | $ 170,572 | $ 341,121 | $ 307,290 |
Cost of sales | 113,240 | 125,120 | 231,920 | 227,879 |
Gross profit | 55,537 | 45,452 | 109,201 | 79,411 |
Research and development costs | 6,006 | 4,661 | 11,229 | 9,505 |
Selling, general and administrative expenses | 25,135 | 23,965 | 50,432 | 44,992 |
Restructuring charges | 709 | 31 | 4,215 | 31 |
Gain on sale of property | (3,672) | 0 | (3,672) | 0 |
Income from operations | 27,359 | 16,795 | 46,997 | 24,883 |
Gain on sale of business | 1,115 | 0 | 1,115 | 0 |
Interest expense | (908) | (779) | (1,890) | (1,467) |
Other expense, net | (270) | (1,724) | (190) | (2,496) |
Earnings before provision for income taxes | 27,296 | 14,292 | 46,032 | 20,920 |
(Benefit from) provision for income taxes | (479) | (2,746) | 3,685 | (1,182) |
Net earnings available to common stockholders | 27,775 | 17,038 | 42,347 | 22,102 |
Common Class A [Member] | ||||
Net earnings available to common stockholders | $ 4,458 | $ 2,793 | $ 6,790 | $ 3,614 |
Net earnings per common share: | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 2.08 | $ 1.30 | $ 3.17 | $ 1.68 |
Weighted-average number of shares outstanding: | ||||
Weighted-average number of shares outstanding - basic and diluted (in shares) | 2,142 | 2,144 | 2,142 | 2,145 |
Common Class B [Member] | ||||
Net earnings available to common stockholders | $ 23,317 | $ 14,245 | $ 35,557 | $ 18,488 |
Net earnings per common share: | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 2.19 | $ 1.37 | $ 3.34 | $ 1.78 |
Weighted-average number of shares outstanding: | ||||
Weighted-average number of shares outstanding - basic and diluted (in shares) | 10,634 | 10,362 | 10,636 | 10,368 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net earnings available to common stockholders | $ 27,775 | $ 17,038 | $ 42,347 | $ 22,102 |
Other comprehensive income (loss): | ||||
Currency translation adjustment, net of taxes of ($105), ($31), ($96) and ($43), respectively | (2,231) | (6,764) | (233) | (7,980) |
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented | 789 | 1,008 | (105) | 3,992 |
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented | 0 | (12) | 1 | (12) |
Change in unfunded SERP liability, net of taxes of ($4), ($17), ($8) and ($35), respectively | 14 | 61 | 27 | 122 |
Other comprehensive loss | (1,428) | (5,707) | (310) | (3,878) |
Comprehensive income | $ 26,347 | $ 11,331 | $ 42,037 | $ 18,224 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Foreign currency translation adjustment, tax expense | $ (105) | $ 9 | $ (31) | $ (12) | $ (96) | $ (43) |
Unrealized gains (losses) on interest rate swap cash flow hedge, tax | 0 | 0 | 0 | 0 | 0 | |
Unrealized loss on marketable securities arising during the period, tax | 0 | 0 | 0 | 0 | 0 | |
Change in unfunded SERP liability, tax | $ (4) | $ (4) | $ (17) | $ (17) | $ (8) | $ (35) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Class A [Member] Retained Earnings [Member] | Common Class A [Member] AOCI Attributable to Parent [Member] | Common Class A [Member] Common Stock, Common Class A [Member] | Common Class A [Member] Common Stock, Common Class B [Member] | Common Class A [Member] Treasury Stock, Common [Member] | Common Class A [Member] Additional Paid-in Capital [Member] | Common Class A [Member] | Common Class B [Member] Retained Earnings [Member] | Common Class B [Member] AOCI Attributable to Parent [Member] | Common Class B [Member] Common Stock, Common Class A [Member] | Common Class B [Member] Common Stock, Common Class B [Member] | Common Class B [Member] Treasury Stock, Common [Member] | Common Class B [Member] Additional Paid-in Capital [Member] | Common Class B [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Common Stock, Common Class A [Member] | Common Stock, Common Class B [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Total |
Balance at Dec. 31, 2021 | $ 187,935 | $ (18,863) | $ 214 | $ 1,038 | $ 0 | $ 38,419 | $ 208,743 | ||||||||||||||
Net earnings | 5,064 | 0 | 0 | 0 | 0 | 0 | 5,064 | ||||||||||||||
Cash dividends declared on common stock | $ (129) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (129) | $ (727) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (727) | |||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock, APIC | 1 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (1,216) | 0 | 0 | 0 | 0 | (1,216) | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge | 0 | 2,984 | 0 | 0 | 0 | 0 | 2,984 | ||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 576 | 576 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 61 | 0 | 0 | 0 | 0 | 61 | ||||||||||||||
Balance at Mar. 31, 2022 | 192,143 | (17,034) | 214 | 1,037 | 0 | 38,996 | 215,356 | ||||||||||||||
Balance at Dec. 31, 2021 | 187,935 | (18,863) | 214 | 1,038 | 0 | 38,419 | 208,743 | ||||||||||||||
Net earnings | 3,614 | 18,488 | 22,102 | ||||||||||||||||||
Cash dividends declared on common stock | (258) | (1,453) | |||||||||||||||||||
Foreign currency translation adjustment, net of taxes | (7,980) | ||||||||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | (12) | ||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 122 | ||||||||||||||||||||
Balance at Jun. 30, 2022 | 208,326 | (22,741) | 214 | 1,036 | (349) | 39,509 | 225,995 | ||||||||||||||
Balance at Mar. 31, 2022 | 192,143 | (17,034) | 214 | 1,037 | 0 | 38,996 | 215,356 | ||||||||||||||
Net earnings | 2,793 | 14,245 | 17,038 | 0 | 0 | 0 | 0 | 0 | 17,038 | ||||||||||||
Cash dividends declared on common stock | (129) | 0 | 0 | 0 | 0 | 0 | (129) | (726) | 0 | 0 | 0 | 0 | 0 | (726) | |||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock, APIC | 1 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (6,764) | 0 | 0 | 0 | 0 | (6,764) | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge | 0 | 1,008 | 0 | 0 | 0 | 0 | 1,008 | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | (12) | 0 | 0 | 0 | 0 | (12) | ||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 512 | 512 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 61 | 0 | 0 | 0 | 0 | 61 | ||||||||||||||
Repurchase of treasury stock | 0 | 0 | 0 | 0 | (349) | 0 | (349) | ||||||||||||||
Balance at Jun. 30, 2022 | 208,326 | (22,741) | 214 | 1,036 | (349) | 39,509 | 225,995 | ||||||||||||||
Balance at Dec. 31, 2022 | 237,188 | (16,546) | 214 | 1,067 | (349) | 40,772 | 262,346 | ||||||||||||||
Net earnings | 14,572 | 0 | 0 | 0 | 0 | 0 | 14,572 | ||||||||||||||
Cash dividends declared on common stock | (128) | 0 | 0 | 0 | 0 | 0 | (128) | (747) | 0 | 0 | 0 | 0 | 0 | (747) | |||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock, APIC | 1 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 1,998 | 0 | 0 | 0 | 0 | 1,998 | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge | 0 | (894) | 0 | 0 | 0 | 0 | (894) | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 902 | 902 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||||||||
Balance at Mar. 31, 2023 | 250,885 | (15,428) | 214 | 1,066 | (349) | 41,675 | 278,063 | ||||||||||||||
Balance at Dec. 31, 2022 | 237,188 | (16,546) | 214 | 1,067 | (349) | 40,772 | 262,346 | ||||||||||||||
Net earnings | 6,790 | 35,557 | 42,347 | ||||||||||||||||||
Cash dividends declared on common stock | (257) | (1,490) | |||||||||||||||||||
Foreign currency translation adjustment, net of taxes | (233) | ||||||||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 1 | ||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 27 | ||||||||||||||||||||
Balance at Jun. 30, 2023 | 277,790 | (16,856) | 214 | 1,064 | (349) | 42,627 | 304,490 | ||||||||||||||
Balance at Mar. 31, 2023 | 250,885 | (15,428) | 214 | 1,066 | (349) | 41,675 | 278,063 | ||||||||||||||
Net earnings | 4,458 | 23,317 | 27,775 | 0 | 0 | 0 | 0 | 0 | 27,775 | ||||||||||||
Cash dividends declared on common stock | $ (128) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (128) | $ (742) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (742) | |||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (3) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock, APIC | 3 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (2,231) | 0 | 0 | 0 | 0 | (2,231) | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge | 0 | 789 | 0 | 0 | 0 | 0 | 789 | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 950 | 950 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 14 | 0 | 0 | 0 | 0 | 14 | ||||||||||||||
Issuance of restricted common stock | 0 | 0 | 0 | 1 | 0 | (1) | 0 | ||||||||||||||
Balance at Jun. 30, 2023 | $ 277,790 | $ (16,856) | $ 214 | $ 1,064 | $ (349) | $ 42,627 | $ 304,490 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Common Class A [Member] | ||||
Dividends declared (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 |
Common Class B [Member] | ||||
Dividends declared (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Foreign currency translation adjustment, tax expense | $ (105) | $ 9 | $ (31) | $ (12) |
Unrealized losses on interest rate swap cash flow hedge, tax | 0 | 0 | 0 | |
Unrealized loss on marketable securities arising during the period, tax | 0 | 0 | 0 | |
Change in unfunded SERP liability, tax | $ (4) | $ (4) | $ (17) | $ (17) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 42,347 | $ 22,102 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 6,571 | 8,316 |
Stock-based compensation | 1,851 | 1,087 |
Amortization of deferred financing costs | 33 | 34 |
Deferred tax benefit | (3,128) | (2,965) |
Net unrealized losses (gains) on foreign currency revaluation | 505 | (373) |
Gain on sale of property | (3,672) | 0 |
Gain on sale of business | (1,115) | 0 |
Other, net | (1,124) | 90 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (236) | (12,704) |
Unbilled receivables | 5,018 | 4,998 |
Inventories | 13,473 | (25,284) |
Accounts payable | (11,544) | 6,323 |
Accrued expenses | 2,448 | 4,421 |
Accrued restructuring costs | 2,343 | (12) |
Income taxes payable | 3,856 | 2,214 |
Other operating assets/liabilities, net | (16,970) | 2,899 |
Net cash provided by operating activities | 40,656 | 11,146 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (7,081) | (3,546) |
Payments for equity method investment | (9,975) | 0 |
Proceeds from sale of property, plant and equipment | 5,239 | 87 |
Proceeds from sale of business | 5,198 | 0 |
Net cash used in investing activities | (6,619) | (3,459) |
Cash flows from financing activities: | ||
Dividends paid to common stockholders | (1,658) | (1,646) |
Repayments under revolving credit line | (40,000) | 0 |
Borrowings under revolving credit line | 5,000 | 0 |
Purchase of treasury stock | 0 | (349) |
Net cash used in financing activities | (36,658) | (1,995) |
Effect of exchange rate changes on cash and cash equivalents | (2,592) | (1,618) |
Net (decrease) increase in cash and cash equivalents | (5,213) | 4,074 |
Cash and cash equivalents - beginning of period | 70,266 | 61,756 |
Cash and cash equivalents - end of period | 65,053 | 65,830 |
Supplementary information: | ||
Income taxes, net of refunds received | 10,358 | 4,614 |
Interest payments | 2,762 | 1,105 |
ROU assets obtained in exchange for lease obligations | $ 5,172 | $ 5,734 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES The condensed consolidated balance sheets and statements of operations, comprehensive income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three six June 30, 2023 not 10 December 31, 2022 Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from these condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates. The Company’s significant accounting policies are summarized in Note 1 10 December 31, 2022 no six June 30, 2023 Investments We account for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not 20% 50% Equity in earnings of unconsolidated affiliates, in the consolidated statements of operations, reflects our proportionate share of the investee's net income, including any associated affiliate taxes. Our proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the consolidated statements of stockholders’ equity and consolidated statements of comprehensive income. In general, the equity investment in our unconsolidated affiliates is equal to our current equity investment plus those entities' undistributed earnings. We evaluate our equity method investments for impairment at least annually or whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of an investment may 2, Where we are unable to exercise significant influence over the investee, or when our investment balance is reduced to zero All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands. Recently Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" 2020 04 January 2021, 2021 01, 848 December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 December 31, 2024. January 2023, January 31, 2023. 2020 04 first 2023 not In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” , January 1, 2023, 2016 13. not |
Note 2 - Investment in Innolect
Note 2 - Investment in Innolectric | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | 2. INVESTMENT IN INNOLECTRIC On February 1, 2023, one third €8.0 February 2023 February 2023 one third This passive investment will create a strategic alliance that is focused on Electric Vehicles (“EV”) on-board power electronics, and in particular next generation fast-charging technology. With no not three six June 30, 2023. Related Party Transactions From time to time, the Company provides cash loans to innolectric to fund working capital needs and further business development. During the first 2023, €1.8 5 June 30, 2023. |
Note 3 - Divestiture of Subsidi
Note 3 - Divestiture of Subsidiary | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. DIVESTITURE OF SUBSIDIARY On June 1, 2023, The carrying amounts of the major classes of assets and liabilities included as part of the sale were as follows: Cash and cash equivalents $ 2,072 Accounts receivable 1,030 Inventories 1,310 Property, plant and equipment 326 Other assets 48 Accounts payable (441 ) Accrued expenses (126 ) Income taxes payable (100 ) Other current liabilities (13 ) Other long-term liabilities (23 ) Total net assets transferred 4,083 Consideration received 5,198 Gain on sale recognized $ 1,115 |
Note 4 - Revenue
Note 4 - Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. REVENUE The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 44,233 $ 64,121 $ 11,345 $ 119,699 $ 87,245 $ 126,921 $ 21,700 $ 235,866 Europe 9,561 15,907 2,666 28,134 17,962 29,507 5,431 52,900 Asia 1,049 7,063 12,832 20,944 3,032 13,844 35,479 52,355 $ 54,843 $ 87,091 $ 26,843 $ 168,777 $ 108,239 $ 170,272 $ 62,610 $ 341,121 By Sales Channel: Direct to customer $ 35,970 $ 62,022 $ 18,268 $ 116,260 $ 69,694 $ 121,636 $ 45,679 $ 237,009 Through distribution 18,873 25,069 8,575 52,517 38,545 48,636 16,931 104,112 $ 54,843 $ 87,091 $ 26,843 $ 168,777 $ 108,239 $ 170,272 $ 62,610 $ 341,121 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 34,781 $ 52,407 $ 14,248 $ 101,436 $ 67,313 $ 94,755 $ 25,126 $ 187,194 Europe 8,354 11,101 3,121 22,576 17,568 20,486 5,592 43,646 Asia 2,961 7,518 36,081 46,560 4,928 14,574 56,948 76,450 $ 46,096 $ 71,026 $ 53,450 $ 170,572 $ 89,809 $ 129,815 $ 87,666 $ 307,290 By Sales Channel: Direct to customer $ 28,544 $ 45,604 $ 39,515 $ 113,663 $ 54,597 $ 81,447 $ 65,254 $ 201,298 Through distribution 17,552 25,422 13,935 56,909 35,212 48,368 22,412 105,992 $ 46,096 $ 71,026 $ 53,450 $ 170,572 $ 89,809 $ 129,815 $ 87,666 $ 307,290 June 30, 2023 December 31, 2022 June 30, December 31, 2023 2022 Contract assets - current (unbilled receivables) $ 13,226 $ 18,244 Contract liabilities - current (deferred revenue) $ 3,542 $ 8,847 The change in balance of our unbilled receivables from December 31, 2022 June 30, 2023 December 31, 2022 June 30, 2023 |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted net earnings per common share under the two three six June 30, 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net earnings $ 27,775 $ 17,038 $ 42,347 $ 22,102 Less dividends declared: Class A 128 129 257 258 Class B 742 726 1,490 1,453 Undistributed earnings $ 26,905 $ 16,183 $ 40,600 $ 20,391 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 4,330 $ 2,664 $ 6,533 $ 3,356 Class B undistributed earnings 22,575 13,519 34,067 17,035 Total undistributed earnings $ 26,905 $ 16,183 $ 40,600 $ 20,391 Net earnings allocation - basic and diluted: Class A net earnings $ 4,458 $ 2,793 $ 6,790 $ 3,614 Class B net earnings 23,317 14,245 35,557 18,488 Net earnings $ 27,775 $ 17,038 $ 42,347 $ 22,102 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,142 2,144 2,142 2,145 Class B - basic and diluted 10,634 10,362 10,636 10,368 Net earnings per share: Class A - basic and diluted $ 2.08 $ 1.30 $ 3.17 $ 1.68 Class B - basic and diluted $ 2.19 $ 1.37 $ 3.34 $ 1.78 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. FAIR VALUE MEASUREMENTS Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date. Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There are three may Level 1 Level 2 Level 3 no As of June 30, 2023 December 31, 2022 1 June 30, 2023 December 31, 2022 Throughout 2023 2022 ($0.7) June 30, 2023 December 31, 2022 2 The Company is a party to two 10, $5.4 June 30, 2023 December 31, 2022 The Company does not 3, no 1, 2 3 six June 30, 2023 June 30, 2022 no six June 30, 2023 June 30, 2022 There were no financial assets accounted for at fair value on a nonrecurring basis as of June 30, 2023 December 31, 2022 The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, which are not June 30, 2023 December 31, 2022 not June 30, 2023 Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets, long-lived assets and the net liability related to the put/call options pursuant to the innolectric investment agreement, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. Based on the Company's assessment, it was concluded that no six June 30, 2023 June 30, 2022 During the second 2023, |
Note 7 - Inventories
Note 7 - Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. INVENTORIES The components of inventories are as follows: June 30, December 31, 2023 2022 Raw materials $ 69,996 $ 74,572 Work in progress 47,174 44,397 Finished goods 40,095 53,496 Inventories $ 157,265 $ 172,465 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: June 30, December 31, 2023 2022 Land $ 1,018 $ 1,098 Buildings and improvements 21,620 21,529 Machinery and equipment 117,650 118,358 Construction in progress 3,468 4,239 143,756 145,224 Accumulated depreciation (105,310 ) (108,391 ) Property, plant and equipment, net $ 38,446 $ 36,833 Depreciation expense was $2.2 million and $2.3 million, respectively, for the three June 30, 2023 2022 six June 30, 2023 2022. At December 31, 2022, second 2023 three six June 30, 2023 |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. ACCRUED EXPENSES Accrued expenses consist of the following: June 30, December 31, 2023 2022 Salaries, bonuses and related benefits $ 27,086 $ 27,422 Deferred revenue 3,542 8,847 Accrued restructuring costs 9,132 6,796 Sales commissions 2,159 2,521 Subcontracting labor 1,735 1,875 Warranty accrual 1,330 1,287 Other 10,871 2,125 $ 55,855 $ 50,873 The change in warranty accrual during the six June 30, 2023 no six June 30, 2023 Restructuring Activities: Activity and liability balances related to restructuring costs for the six June 30, 2023 Six Months Ended June 30, 2023 Liability at Cash Payments Liability at December 31, New and Other June 30, 2022 Charges Settlements 2023 Severance costs $ 3,390 $ 3,394 $ (1,879 ) $ 4,905 Other restructuring costs 3,406 821 - 4,227 Total $ 6,796 $ 4,215 $ (1,879 ) $ 9,132 During the third 2022, 2023, two first 2023, 2023. six June 30, 2023, June 30, 2023, |
Note 10 - Derivative Instrument
Note 10 - Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and not Foreign Currency Forward Contracts Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Chinese renminbi and the Mexican peso. These foreign currency forward contracts generally have maturities of no twelve twelve We held outstanding foreign currency forward contracts with notional amounts of $23.5 June 30, 2023 December 31, 2022, Interest Rate Swap Agreements To partially mitigate risks associated with the variable interest rates on the revolver borrowings under the Company's credit agreement (as defined and described in Note 11, November 2021, two January 2023 one one $30.0 “2021 2021 December 31, 2021, January 31, 2022 2021 August 31, 2026. January 2023, 2021 January 31, 2023. 2021 The 2021 Fair Values of Derivative Financial Instruments The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of June 30, 2023 December 31, 2022 Balance Sheet Classification June 30, 2023 December 31, 2022 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Other current assets $ - $ 359 Not designated as hedging instruments Other current assets 157 - Interest rate swap agreements: Designated as a cash flow hedge Other assets 5,433 5,539 Total derivative assets $ 5,590 $ 5,898 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Other current liabilities $ 897 $ - Total derivative liabilities $ 897 $ - Derivative Financial Instruments in Cash Flow Hedging Relationships The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statements of operations for the three six June 30, 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net (losses) gains recognized in AOCL: Foreign currency forward contracts $ (1,091 ) $ (679 ) $ (1,452 ) $ (525 ) Interest rate swap agreements 1,351 924 943 3,733 $ 260 $ 245 $ (509 ) $ 3,208 Net gains (losses) reclassified from AOCL to the consolidated statement of operations: Foreign currency forward contracts $ (37 ) $ (140 ) $ 114 $ (73 ) Interest rate swap agreements 562 (83 ) 1,048 (259 ) $ 525 $ (223 ) $ 1,162 $ (332 ) The losses related to the foreign currency forward contracts are included as a component of currency translation adjustment on the accompanying condensed consolidated statements of comprehensive income at June 30, 2023 December 31, 2022. Derivative Financial Instruments Not Gains recognized on derivative financial instruments not three six June 30, 2023 2022 Three Months Ended Six Months Ended June 30, June 30, Classification in Consolidated Statements of Operations 2023 2022 2023 2022 Foreign currency forward contracts Other (expense) income, net $ 34 $ 48 $ 34 $ 41 $ 34 $ 48 $ 34 $ 41 |
Note 11 - Debt
Note 11 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. DEBT The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "credit agreement" or the "CSA"). The CSA provides a $175 million 5-year senior secured revolving credit facility ("Revolver"), with a sublimit of up to $10 million available for letters of credit and a sublimit of up to $5 million available for swing line loans. The Company had $60.0 million and $95.0 million in outstanding borrowings under the Revolver at June 30, 2023 December 31, 2022 September 1, 2026. January 2023, January 31, 2023. The weighted-average interest rate in effect for the variable-rate portion of our outstanding borrowings ($35.0 million at December 31, 2022) December 31, 2022 June 30, 2023 December 31, 2022, June 30, 2023 10, 2021 January 31, 2023, 2021 January 31, 2023, 2021 one January 31, 2023, 1, 2021 2021 as 2.47% and 3.57%, June 30, 2023 December 31, 2022. three June 30, 2023 2022, six June 30, 2023 2022 2021 The CSA contains customary representations and warranties, covenants and events of default. In addition, the CSA contains financial covenants that measure (i) the ratio of the Company’s total funded indebtedness, on a consolidated basis, less the aggregate amount of all unencumbered cash and cash equivalents, to the amount of the Company’s consolidated EBITDA (“Leverage Ratio”) and (ii) the ratio of the amount of the Company’s consolidated EBITDA to the Company’s consolidated fixed charges (“Fixed Charge Coverage Ratio”). If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor. At June 30, 2023 the Fixed Charge Coverage Ratio. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no 2019 2016. no 2012 2014 As a result of the expiration of the statutes of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized benefits for tax positions taken regarding previously filed tax returns may June 30, 2023. June 30, 2023 December 31, 2022, December 31, 2022 2023 The Company’s policy is to recognize interest and penalties related to uncertain tax positions as a component of the current provision for income taxes. During the six June 30, 2023 2022, June 30, 2023 December 31, 2022, |
Note 13 - Retirement, Savings a
Note 13 - Retirement, Savings and Deferred Compensation Plans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. RETIREMENT, SAVINGS AND DEFERRED COMPENSATION PLANS The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401 1986, three June 30, 2023 2022 $0.3 million for each period. The expense for the six June 30, 2023 2022 June 30, 2023 d 303,429 and 80,737 sh The Company also maintains a Nonqualified Deferred Compensation Plan (the "DCP"). With certain exceptions, the Company's contributions to the DCP are discretionary and become fully vested by the participants upon reaching age 65. The expense amounted to less than $0.1 million during each of the three June 30, 2023 2022 six June 30, 2023 2022 June 30, 2023 December 31, 2022. The Company's subsidiaries in Asia have a retirement fund covering substantially all of their Hong Kong based full-time employees. The expense for the three June 30, 2023 2022 d to $0.3 million and $0.8 million, respectively . The expense for the six June 30, 2023 2022 December 31, 2021, second 2022, June 30, 2023 December 31, 2022. The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note 6 The components of SERP expense are as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Service cost $ 92 $ 126 $ 185 $ 251 Interest cost 221 159 443 318 Net amortization 18 78 35 156 Net periodic benefit cost $ 331 $ 363 $ 663 $ 725 The service cost component of net benefit cost is presented within cost of sales, research and development costs or selling, general and administrative expense on the accompanying condensed consolidated statements of operations, in accordance with where compensation cost for the related associate is reported. All other components of net benefit cost, including interest cost and net amortization noted above, are presented within other income (expense), net in the accompanying condensed consolidated statements of operations. The following amounts are recognized net of tax in accumulated other comprehensive loss: June 30, December 31, 2023 2022 Prior service cost $ 273 $ 334 Net loss (2,190 ) (2,216 ) $ (1,917 ) $ (1,882 ) |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss at June 30, 2023 December 31, 2022 June 30, December 31, 2023 2022 Foreign currency translation adjustment, net of taxes of ($ 273 369 $ (23,340 ) $ (23,107 ) Unrealized gains on interest rate swap cash flow hedge, net of taxes of $ 0 0 5,434 5,539 Unrealized holding gains on marketable securities, net of taxes of ($ 7 7 19 18 Unfunded SERP liability, net of taxes of $ 887 879 1,031 1,004 Accumulated other comprehensive loss $ (16,856 ) $ (16,546 ) Changes in accumulated other comprehensive loss by component during the six June 30, 2023 Unrealized Unrealized Foreign Currency Gains (Losses) on Holding Gains Translation Interest Rate Swap (Losses) on Unfunded Adjustment Cash Flow Hedge Marketable Securities SERP Liability Total Balance at December 31, 2022 $ (23,107 ) $ 5,539 $ 18 $ 1,004 $ (16,546 ) Other comprehensive (loss) income before reclassifications (119 ) 943 1 (1 ) 824 Amount reclassified from accumulated other comprehensive loss (114 ) (1,048 ) - 28 (a) (1,134 ) Net current period other comprehensive (loss) income (233 ) (105 ) 1 27 (310 ) Balance at June 30, 2023 $ (23,340 ) $ 5,434 $ 19 $ 1,031 $ (16,856 ) (a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP Plan. This expense is reflected in other income (expense), net on the accompanying condensed consolidated statements of operations. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to a number of legal actions and claims, none On June 23, 2021, Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc. 6:21cv00655, July 27, 2023, In connection with the Company's 2014 2004 2006. September 2012, February 2013, October 2, 2014. October 13, 2014, July 18, 2015 December 5, 2016, January 4, 2017. June 30, 2023 December 31, 2022. June 30, 2023 December 31, 2022. In connection with the Company's 2021 to 1994. E 2016 March 2021, may June 30, 2023. The Company is not |
Note 16 - Segments
Note 16 - Segments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENTS The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups and a corporate segment. The segments consist of Connectivity Solutions, Power Solutions and Protection, Magnetic Solutions and the aforementioned Corporate segment. The primary criteria by which financial performance is evaluated and resources are allocated are revenue and gross profit. The following is a summary of key financial data: Three Months Ended June 30, 2023 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 54,843 $ 87,091 $ 26,843 $ - $ 168,777 Gross Profit 20,512 31,124 6,595 (2,694 ) 55,537 Gross Profit % 37.4 % 35.7 % 24.6 % nm 32.9 % Three Months Ended June 30, 2022 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 46,096 $ 71,026 $ 53,450 $ - $ 170,572 Gross Profit 12,718 20,036 15,085 (2,387 ) 45,452 Gross Profit % 27.6 % 28.2 % 28.2 % nm 26.6 % Six Months Ended June 30, 2023 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 108,239 $ 170,272 $ 62,610 $ - $ 341,121 Gross Profit 38,708 60,804 14,763 (5,074 ) 109,201 Gross Profit % 35.8 % 35.7 % 23.6 % nm 32.0 % Six Months Ended June 30, 2022 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 89,809 $ 129,815 $ 87,666 $ - $ 307,290 Gross Profit 24,315 35,974 21,975 (2,853 ) 79,411 Gross Profit % 27.1 % 27.7 % 25.1 % nm 25.8 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Investment, Policy [Policy Text Block] | Investments We account for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not 20% 50% Equity in earnings of unconsolidated affiliates, in the consolidated statements of operations, reflects our proportionate share of the investee's net income, including any associated affiliate taxes. Our proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the consolidated statements of stockholders’ equity and consolidated statements of comprehensive income. In general, the equity investment in our unconsolidated affiliates is equal to our current equity investment plus those entities' undistributed earnings. We evaluate our equity method investments for impairment at least annually or whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of an investment may 2, Where we are unable to exercise significant influence over the investee, or when our investment balance is reduced to zero All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" 2020 04 January 2021, 2021 01, 848 December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 December 31, 2024. January 2023, January 31, 2023. 2020 04 first 2023 not In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” , January 1, 2023, 2016 13. not |
Note 3 - Divestiture of Subsi_2
Note 3 - Divestiture of Subsidiary (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Cash and cash equivalents $ 2,072 Accounts receivable 1,030 Inventories 1,310 Property, plant and equipment 326 Other assets 48 Accounts payable (441 ) Accrued expenses (126 ) Income taxes payable (100 ) Other current liabilities (13 ) Other long-term liabilities (23 ) Total net assets transferred 4,083 Consideration received 5,198 Gain on sale recognized $ 1,115 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 44,233 $ 64,121 $ 11,345 $ 119,699 $ 87,245 $ 126,921 $ 21,700 $ 235,866 Europe 9,561 15,907 2,666 28,134 17,962 29,507 5,431 52,900 Asia 1,049 7,063 12,832 20,944 3,032 13,844 35,479 52,355 $ 54,843 $ 87,091 $ 26,843 $ 168,777 $ 108,239 $ 170,272 $ 62,610 $ 341,121 By Sales Channel: Direct to customer $ 35,970 $ 62,022 $ 18,268 $ 116,260 $ 69,694 $ 121,636 $ 45,679 $ 237,009 Through distribution 18,873 25,069 8,575 52,517 38,545 48,636 16,931 104,112 $ 54,843 $ 87,091 $ 26,843 $ 168,777 $ 108,239 $ 170,272 $ 62,610 $ 341,121 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 34,781 $ 52,407 $ 14,248 $ 101,436 $ 67,313 $ 94,755 $ 25,126 $ 187,194 Europe 8,354 11,101 3,121 22,576 17,568 20,486 5,592 43,646 Asia 2,961 7,518 36,081 46,560 4,928 14,574 56,948 76,450 $ 46,096 $ 71,026 $ 53,450 $ 170,572 $ 89,809 $ 129,815 $ 87,666 $ 307,290 By Sales Channel: Direct to customer $ 28,544 $ 45,604 $ 39,515 $ 113,663 $ 54,597 $ 81,447 $ 65,254 $ 201,298 Through distribution 17,552 25,422 13,935 56,909 35,212 48,368 22,412 105,992 $ 46,096 $ 71,026 $ 53,450 $ 170,572 $ 89,809 $ 129,815 $ 87,666 $ 307,290 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, December 31, 2023 2022 Contract assets - current (unbilled receivables) $ 13,226 $ 18,244 Contract liabilities - current (deferred revenue) $ 3,542 $ 8,847 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net earnings $ 27,775 $ 17,038 $ 42,347 $ 22,102 Less dividends declared: Class A 128 129 257 258 Class B 742 726 1,490 1,453 Undistributed earnings $ 26,905 $ 16,183 $ 40,600 $ 20,391 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 4,330 $ 2,664 $ 6,533 $ 3,356 Class B undistributed earnings 22,575 13,519 34,067 17,035 Total undistributed earnings $ 26,905 $ 16,183 $ 40,600 $ 20,391 Net earnings allocation - basic and diluted: Class A net earnings $ 4,458 $ 2,793 $ 6,790 $ 3,614 Class B net earnings 23,317 14,245 35,557 18,488 Net earnings $ 27,775 $ 17,038 $ 42,347 $ 22,102 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,142 2,144 2,142 2,145 Class B - basic and diluted 10,634 10,362 10,636 10,368 Net earnings per share: Class A - basic and diluted $ 2.08 $ 1.30 $ 3.17 $ 1.68 Class B - basic and diluted $ 2.19 $ 1.37 $ 3.34 $ 1.78 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2023 2022 Raw materials $ 69,996 $ 74,572 Work in progress 47,174 44,397 Finished goods 40,095 53,496 Inventories $ 157,265 $ 172,465 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2023 2022 Land $ 1,018 $ 1,098 Buildings and improvements 21,620 21,529 Machinery and equipment 117,650 118,358 Construction in progress 3,468 4,239 143,756 145,224 Accumulated depreciation (105,310 ) (108,391 ) Property, plant and equipment, net $ 38,446 $ 36,833 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2023 2022 Salaries, bonuses and related benefits $ 27,086 $ 27,422 Deferred revenue 3,542 8,847 Accrued restructuring costs 9,132 6,796 Sales commissions 2,159 2,521 Subcontracting labor 1,735 1,875 Warranty accrual 1,330 1,287 Other 10,871 2,125 $ 55,855 $ 50,873 |
Restructuring and Related Costs [Table Text Block] | Six Months Ended June 30, 2023 Liability at Cash Payments Liability at December 31, New and Other June 30, 2022 Charges Settlements 2023 Severance costs $ 3,390 $ 3,394 $ (1,879 ) $ 4,905 Other restructuring costs 3,406 821 - 4,227 Total $ 6,796 $ 4,215 $ (1,879 ) $ 9,132 |
Note 10 - Derivative Instrume_2
Note 10 - Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet Classification June 30, 2023 December 31, 2022 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Other current assets $ - $ 359 Not designated as hedging instruments Other current assets 157 - Interest rate swap agreements: Designated as a cash flow hedge Other assets 5,433 5,539 Total derivative assets $ 5,590 $ 5,898 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Other current liabilities $ 897 $ - Total derivative liabilities $ 897 $ - |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net (losses) gains recognized in AOCL: Foreign currency forward contracts $ (1,091 ) $ (679 ) $ (1,452 ) $ (525 ) Interest rate swap agreements 1,351 924 943 3,733 $ 260 $ 245 $ (509 ) $ 3,208 Net gains (losses) reclassified from AOCL to the consolidated statement of operations: Foreign currency forward contracts $ (37 ) $ (140 ) $ 114 $ (73 ) Interest rate swap agreements 562 (83 ) 1,048 (259 ) $ 525 $ (223 ) $ 1,162 $ (332 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Classification in Consolidated Statements of Operations 2023 2022 2023 2022 Foreign currency forward contracts Other (expense) income, net $ 34 $ 48 $ 34 $ 41 $ 34 $ 48 $ 34 $ 41 |
Note 13 - Retirement, Savings_2
Note 13 - Retirement, Savings and Deferred Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Service cost $ 92 $ 126 $ 185 $ 251 Interest cost 221 159 443 318 Net amortization 18 78 35 156 Net periodic benefit cost $ 331 $ 363 $ 663 $ 725 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2023 2022 Prior service cost $ 273 $ 334 Net loss (2,190 ) (2,216 ) $ (1,917 ) $ (1,882 ) |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2023 2022 Foreign currency translation adjustment, net of taxes of ($ 273 369 $ (23,340 ) $ (23,107 ) Unrealized gains on interest rate swap cash flow hedge, net of taxes of $ 0 0 5,434 5,539 Unrealized holding gains on marketable securities, net of taxes of ($ 7 7 19 18 Unfunded SERP liability, net of taxes of $ 887 879 1,031 1,004 Accumulated other comprehensive loss $ (16,856 ) $ (16,546 ) |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block] | Unrealized Unrealized Foreign Currency Gains (Losses) on Holding Gains Translation Interest Rate Swap (Losses) on Unfunded Adjustment Cash Flow Hedge Marketable Securities SERP Liability Total Balance at December 31, 2022 $ (23,107 ) $ 5,539 $ 18 $ 1,004 $ (16,546 ) Other comprehensive (loss) income before reclassifications (119 ) 943 1 (1 ) 824 Amount reclassified from accumulated other comprehensive loss (114 ) (1,048 ) - 28 (a) (1,134 ) Net current period other comprehensive (loss) income (233 ) (105 ) 1 27 (310 ) Balance at June 30, 2023 $ (23,340 ) $ 5,434 $ 19 $ 1,031 $ (16,856 ) |
Note 16 - Segments (Tables)
Note 16 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2023 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 54,843 $ 87,091 $ 26,843 $ - $ 168,777 Gross Profit 20,512 31,124 6,595 (2,694 ) 55,537 Gross Profit % 37.4 % 35.7 % 24.6 % nm 32.9 % Three Months Ended June 30, 2022 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 46,096 $ 71,026 $ 53,450 $ - $ 170,572 Gross Profit 12,718 20,036 15,085 (2,387 ) 45,452 Gross Profit % 27.6 % 28.2 % 28.2 % nm 26.6 % Six Months Ended June 30, 2023 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 108,239 $ 170,272 $ 62,610 $ - $ 341,121 Gross Profit 38,708 60,804 14,763 (5,074 ) 109,201 Gross Profit % 35.8 % 35.7 % 23.6 % nm 32.0 % Six Months Ended June 30, 2022 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 89,809 $ 129,815 $ 87,666 $ - $ 307,290 Gross Profit 24,315 35,974 21,975 (2,853 ) 79,411 Gross Profit % 27.1 % 27.7 % 25.1 % nm 25.8 % |
Note 2 - Investment in Innole_2
Note 2 - Investment in Innolectric (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||||
Feb. 01, 2023 USD ($) | Feb. 01, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 9,975 | $ 0 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 11,009 | 11,009 | $ 0 | ||||
Innolectric AG [Member] | |||||||
Loans and Leases Receivable, Related Parties | $ 2,000 | $ 2,000 | € 1.8 | ||||
Loans and Leases Receivable, Interest Rate | 5% | 5% | 5% | ||||
Innolectric AG [Member] | Power Solutions and Protection Segment [Member] | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 400 | $ 400 | |||||
Innolectric AG [Member] | |||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 33.33% | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 8,800 | € 8 | |||||
Business Acquisition, Transaction Costs | 1,300 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,000 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000 |
Note 3 - Divestiture of Subsi_3
Note 3 - Divestiture of Subsidiary (Details Textual) $ in Thousands | Jun. 01, 2023 USD ($) |
Bel Stewart s.r.o. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |
Disposal Group, Including Discontinued Operation, Consideration | $ 5,198 |
Note 3 - Divestiture of Subsi_4
Note 3 - Divestiture of Subsidiary - Assets and Liabilities Included in Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 01, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain on sale recognized | $ 1,115 | $ 0 | $ 1,115 | $ 0 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bel Stewart s.r.o. [Member] | |||||
Cash and cash equivalents | $ 2,072 | ||||
Accounts receivable | 1,030 | ||||
Inventories | 1,310 | ||||
Property, plant and equipment | 326 | ||||
Other assets | 48 | ||||
Accounts payable | 441 | ||||
Accrued expenses | 126 | ||||
Income taxes payable | 100 | ||||
Other current liabilities | 13 | ||||
Other long-term liabilities | 23 | ||||
Total net assets transferred | 4,083 | ||||
Consideration received | 5,198 | ||||
Gain on sale recognized | $ 1,115 |
Note 4 - Revenue - Disaggregati
Note 4 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 168,777 | $ 170,572 | $ 341,121 | $ 307,290 |
Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 116,260 | 113,663 | 237,009 | 201,298 |
Sales Channel, Through Intermediary [Member] | ||||
Net sales | 52,517 | 56,909 | 104,112 | 105,992 |
Connectivity Solutions [Member] | ||||
Net sales | 54,843 | 46,096 | 108,239 | 89,809 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 35,970 | 28,544 | 69,694 | 54,597 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 18,873 | 17,552 | 38,545 | 35,212 |
Power Solutions and Protection [Member] | ||||
Net sales | 87,091 | 71,026 | 170,272 | 129,815 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 62,022 | 45,604 | 121,636 | 81,447 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 25,069 | 25,422 | 48,636 | 48,368 |
Magnetic Solutions [Member] | ||||
Net sales | 26,843 | 53,450 | 62,610 | 87,666 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 18,268 | 39,515 | 45,679 | 65,254 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 8,575 | 13,935 | 16,931 | 22,412 |
North America [Member] | ||||
Net sales | 119,699 | 101,436 | 235,866 | 187,194 |
North America [Member] | Connectivity Solutions [Member] | ||||
Net sales | 44,233 | 34,781 | 87,245 | 67,313 |
North America [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 64,121 | 52,407 | 126,921 | 94,755 |
North America [Member] | Magnetic Solutions [Member] | ||||
Net sales | 11,345 | 14,248 | 21,700 | 25,126 |
Europe [Member] | ||||
Net sales | 28,134 | 22,576 | 52,900 | 43,646 |
Europe [Member] | Connectivity Solutions [Member] | ||||
Net sales | 9,561 | 8,354 | 17,962 | 17,568 |
Europe [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 15,907 | 11,101 | 29,507 | 20,486 |
Europe [Member] | Magnetic Solutions [Member] | ||||
Net sales | 2,666 | 3,121 | 5,431 | 5,592 |
Asia [Member] | ||||
Net sales | 20,944 | 46,560 | 52,355 | 76,450 |
Asia [Member] | Connectivity Solutions [Member] | ||||
Net sales | 1,049 | 2,961 | 3,032 | 4,928 |
Asia [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 7,063 | 7,518 | 13,844 | 14,574 |
Asia [Member] | Magnetic Solutions [Member] | ||||
Net sales | $ 12,832 | $ 36,081 | $ 35,479 | $ 56,948 |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Contract assets - current (unbilled receivables) | $ 13,226 | $ 18,244 |
Contract liabilities - current (deferred revenue) | $ 3,542 | $ 8,847 |
Note 5 - Earnings Per Share - B
Note 5 - Earnings Per Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net earnings | $ 27,775 | $ 14,572 | $ 17,038 | $ 5,064 | $ 42,347 | $ 22,102 |
Undistributed earnings | 26,905 | 16,183 | 40,600 | 20,391 | ||
Common Class A [Member] | ||||||
Net earnings | 4,458 | 2,793 | 6,790 | 3,614 | ||
Less dividends declared | 128 | 128 | 129 | 129 | 257 | 258 |
Undistributed earnings | $ 4,330 | $ 2,664 | $ 6,533 | $ 3,356 | ||
Class A - basic and diluted (in shares) | 2,142 | 2,144 | 2,142 | 2,145 | ||
Net earnings per common share - basic and diluted (in dollars per share) | $ 2.08 | $ 1.30 | $ 3.17 | $ 1.68 | ||
Common Class B [Member] | ||||||
Net earnings | $ 23,317 | $ 14,245 | $ 35,557 | $ 18,488 | ||
Less dividends declared | 742 | $ 747 | 726 | $ 727 | 1,490 | 1,453 |
Undistributed earnings | $ 22,575 | $ 13,519 | $ 34,067 | $ 17,035 | ||
Class A - basic and diluted (in shares) | 10,634 | 10,362 | 10,636 | 10,368 | ||
Net earnings per common share - basic and diluted (in dollars per share) | $ 2.19 | $ 1.37 | $ 3.34 | $ 1.78 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Asset | $ 5,590 | $ 5,898 |
Long-Term Debt, Fair Value | 59,900 | 95,000 |
Long-Term Debt, Gross | 60,000 | 95,000 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure, Total | 0 | 0 |
Foreign Exchange Forward [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (700) | 400 |
Interest Rate Swap [Member] | ||
Derivative Asset | 5,400 | 5,500 |
Investments Held in Rabbi Trust [Member] | ||
Debt Securities, Available-for-Sale | $ 100 | $ 100 |
Note 7 - Inventories - Componen
Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 69,996 | $ 74,572 |
Work in progress | 47,174 | 44,397 |
Finished goods | 40,095 | 53,496 |
Inventories | $ 157,265 | $ 172,465 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Depreciation | $ 2,200 | $ 2,300 | $ 4,200 | $ 4,700 | |
Gain (Loss) on Disposition of Property Plant Equipment | 3,672 | $ 0 | |||
Jersey City [Member] | |||||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 1,500 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 3,700 | 3,700 | |||
Jersey City [Member] | Disposal of Corporate Headquarters [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 5,900 | $ 5,900 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 143,756 | $ 145,224 |
Accumulated depreciation | (105,310) | (108,391) |
Property, plant and equipment, net | 38,446 | 36,833 |
Land [Member] | ||
Property, plant and equipment, gross | 1,018 | 1,098 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 21,620 | 21,529 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 117,650 | 118,358 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 3,468 | $ 4,239 |
Note 9 - Accrued Expenses (Deta
Note 9 - Accrued Expenses (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Restructuring Charges | $ 4,215 | |
Restructuring Reserve | $ 9,132 | $ 6,796 |
Note 9 - Accrued Expenses - Acc
Note 9 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Salaries, bonuses and related benefits | $ 27,086 | $ 27,422 |
Deferred revenue | 3,542 | 8,847 |
Accrued restructuring costs | 9,132 | 6,796 |
Sales commissions | 2,159 | 2,521 |
Subcontracting labor | 1,735 | 1,875 |
Warranty accrual | 1,330 | 1,287 |
Other | 10,871 | 2,125 |
Accrued Liabilities, Current | $ 55,855 | $ 50,873 |
Note 9 - Accrued Expenses - Act
Note 9 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Liability, beginning balance | $ 6,796 |
New charges | 4,215 |
Cash payment and other settlements | (1,879) |
Liability, ending balance | 9,132 |
Employee Severance [Member] | |
Liability, beginning balance | 3,390 |
New charges | 3,394 |
Cash payment and other settlements | (1,879) |
Liability, ending balance | 4,905 |
Other Restructuring [Member] | |
Liability, beginning balance | 3,406 |
New charges | 821 |
Cash payment and other settlements | 0 |
Liability, ending balance | $ 4,227 |
Note 10 - Derivative Instrume_3
Note 10 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Jan. 31, 2023 | Dec. 31, 2022 |
Foreign Exchange Forward [Member] | |||
Derivative, Notional Amount | $ 23.5 | $ 25.7 | |
The 2021 Swaps One [Member] | |||
Derivative, Notional Amount | $ 30 | ||
Derivative, Fixed Interest Rate | 1.334% | 1.3055% | |
The 2021 Swaps Two [Member] | |||
Derivative, Notional Amount | $ 30 | ||
Derivative, Fixed Interest Rate | 1.348% | 1.318% | |
The 2021 Swaps [Member] | |||
Derivative, Notional Amount | $ 60 | ||
The 2021 Swaps [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Derivative, Basis Spread on Variable Rate | 0.10% |
Note 10 - Derivative Instrume_4
Note 10 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Total derivative assets | $ 5,590 | $ 5,898 |
Total derivative liabilities | 897 | 0 |
Interest Rate Swap [Member] | ||
Total derivative assets | 5,400 | 5,500 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Designated as cash flow hedges | 0 | 359 |
Not designated as hedging instruments | 157 | 0 |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Designated as a cash flow hedge | 5,433 | 5,539 |
Designated as cash flow hedges | 5,433 | 5,539 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Designated as a cash flow hedge | 897 | 0 |
Designated as cash flow hedges | $ 897 | $ 0 |
Note 10 - Derivative Instrume_5
Note 10 - Derivative Instruments and Hedging Activities - Derivative Financial Instruments Effects on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net (losses) gains recognized in AOCL | $ 260 | $ 245 | $ (509) | $ 3,208 |
Net losses reclassified from AOCL to the consolidated statement of operations | 525 | (223) | 1,162 | (332) |
Foreign Exchange Forward [Member] | ||||
Net (losses) gains recognized in AOCL | (1,091) | (679) | (1,452) | (525) |
Net losses reclassified from AOCL to the consolidated statement of operations | (37) | (140) | 114 | (73) |
Interest Rate Swap [Member] | ||||
Net (losses) gains recognized in AOCL | 1,351 | 924 | 943 | 3,733 |
Net losses reclassified from AOCL to the consolidated statement of operations | $ 562 | $ (83) | $ 1,048 | $ (259) |
Note 10 - Derivative Instrume_6
Note 10 - Derivative Instruments and Hedging Activities - (Losses) Gains Recognized on Derivatives Instruments Not Designated as Hedging (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative instruments gain (loss) | $ 34 | $ 48 | $ 34 | $ 41 |
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | ||||
Derivative instruments gain (loss) | $ 34 | $ 48 | $ 34 | $ 41 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 31, 2023 | |
Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | $ 30,000 | |||||
The 2021 Swaps [Member] | ||||||
Derivative, Notional Amount | 60,000 | |||||
The 2021 Swaps [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||
Derivative, Basis Spread on Variable Rate | 0.10% | |||||
The 2021 Swaps One [Member] | ||||||
Derivative, Notional Amount | $ 30,000 | |||||
Derivative, Fixed Interest Rate | 1.3055% | 1.334% | ||||
The 2021 Swaps Two [Member] | ||||||
Derivative, Notional Amount | $ 30,000 | |||||
Derivative, Fixed Interest Rate | 1.318% | 1.348% | ||||
Revolving Credit Facility [Member] | ||||||
Long-Term Line of Credit | $ 60,000 | $ 60,000 | $ 95,000 | |||
Credit and Security Agreement with KeyBank [Member] | ||||||
Long-Term Debt, Percentage Bearing Variable Interest, Amount | 0 | $ 0 | $ 35,000 | |||
Debt, Weighted Average Interest Rate | 5.51% | |||||
Debt Instrument, Interest Rate During Period | 2.47% | 3.57% | ||||
Interest Expense, Debt | 900 | $ 800 | $ 1,900 | $ 1,500 | ||
Credit and Security Agreement with KeyBank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000 | $ 175,000 | ||||
Debt Instrument, Term (Year) | 5 years | |||||
Line of Credit Facility, Maximum Letters of Credit Capacity | 10,000 | $ 10,000 | ||||
Line of Credit Facility, Maximum Swing Line Loan Capacity | $ 5,000 | $ 5,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Unrecognized Tax Benefits | $ 19.5 | $ 24.8 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 5.6 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0.3 | $ 0.3 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1.9 | $ 4 |
Note 13 - Retirement, Savings_3
Note 13 - Retirement, Savings and Deferred Compensation Plans (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 shares | |
Bel Fuse Inc. Employees' Savings Plan [Member] | ||||||
Defined Contribution Plan, Cost | $ | $ 0.3 | $ 0.3 | $ 0.7 | $ 0.7 | ||
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member] | ||||||
Shares Held in Plan (in shares) | shares | 303,429 | 303,429 | ||||
Bel Fuse Inc. Employees' Savings Plan [Member] | Capital Unit, Class B [Member] | ||||||
Shares Held in Plan (in shares) | shares | 80,737 | 80,737 | ||||
Nonqualified Deferred Compensation Plan [Member] | ||||||
Defined Contribution Plan, Cost | $ | $ 0.3 | 0.8 | $ 0.9 | 1.6 | ||
Deferred Compensation Arrangement, Vesting Age | 65 | 65 | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ | $ 0.1 | $ 0.1 | ||||
Deferred Compensation Plan Assets | $ | $ 0.8 | $ 0.8 | $ 0.7 | |||
Nonqualified Deferred Compensation Plan [Member] | Maximum [Member] | ||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ | $ 0.1 | $ 0.1 | ||||
Retirement Fund Covering Hong Kong-based Employees [Member] | ||||||
Shares Held in Plan (in shares) | shares | 0 | 0 | 0 | |||
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class A [Member] | ||||||
Shares Held in Plan (in shares) | shares | 3,323 | |||||
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class B [Member] | ||||||
Shares Held in Plan (in shares) | shares | 17,342 |
Note 13 - Retirement, Savings_4
Note 13 - Retirement, Savings and Deferred Compensation Plans - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Service cost | $ 92 | $ 126 | $ 185 | $ 251 |
Interest cost | 221 | 159 | 443 | 318 |
Net amortization | 18 | 78 | 35 | 156 |
Net periodic benefit cost | $ 331 | $ 363 | $ 663 | $ 725 |
Note 13 - Retirement, Savings_5
Note 13 - Retirement, Savings and Deferred Compensation Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Prior service cost | $ 273 | $ 334 |
Net loss | (2,190) | (2,216) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (1,917) | $ (1,882) |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Foreign currency translation adjustment, net of taxes of ($273) at June 30, 2023 and ($369) at December 31, 2022 | $ (23,340) | $ (23,107) |
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 at June 30, 2023 and $0 at December 31, 2022 | 5,434 | 5,539 |
Unrealized holding gains on marketable securities, net of taxes of ($7) at June 30, 2023 and ($7) at December 31, 2022 | 19 | 18 |
Unfunded SERP liability, net of taxes of $887 at June 30, 2023 and $879 at December 31, 2022 | 1,031 | 1,004 |
Accumulated other comprehensive loss | $ (16,856) | $ (16,546) |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Foreign currency translation adjustment, tax | $ (273) | $ (369) |
Unrealized gains (losses) on interest rate swap cash flow hedge, tax | 0 | 0 |
Unrealized holding gains on available-for-sale securities, tax | (7) | (7) |
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax | $ 887 | $ 879 |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Balance | $ 278,063 | $ 215,356 | $ 262,346 | $ 208,743 | |
Other comprehensive loss | (1,428) | (5,707) | (310) | (3,878) | |
Balance | 304,490 | 225,995 | 304,490 | 225,995 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Balance | (23,107) | ||||
Other comprehensive (loss) income before reclassifications | (119) | ||||
Amount reclassified from accumulated other comprehensive loss | (114) | ||||
Other comprehensive loss | (233) | ||||
Balance | (23,340) | (23,340) | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Balance | 5,539 | ||||
Other comprehensive (loss) income before reclassifications | 943 | ||||
Amount reclassified from accumulated other comprehensive loss | (1,048) | ||||
Other comprehensive loss | (105) | ||||
Balance | 5,434 | 5,434 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||
Balance | 18 | ||||
Other comprehensive (loss) income before reclassifications | 1 | ||||
Amount reclassified from accumulated other comprehensive loss | 0 | ||||
Other comprehensive loss | 1 | ||||
Balance | 19 | 19 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Balance | 1,004 | ||||
Other comprehensive (loss) income before reclassifications | (1) | ||||
Amount reclassified from accumulated other comprehensive loss | [1] | 28 | |||
Other comprehensive loss | 27 | ||||
Balance | 1,031 | 1,031 | |||
AOCI Attributable to Parent [Member] | |||||
Balance | (15,428) | (17,034) | (16,546) | (18,863) | |
Other comprehensive (loss) income before reclassifications | 824 | ||||
Amount reclassified from accumulated other comprehensive loss | (1,134) | ||||
Other comprehensive loss | (310) | ||||
Balance | $ (16,856) | $ (22,741) | $ (16,856) | $ (22,741) | |
[1]This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP Plan. This expense is reflected in other income (expense), net on the accompanying condensed consolidated statements of operations. |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 252 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 1994 | |
Arezzo Revenue Agency [Member] | |||||
Loss Contingency, Estimate of Possible Loss | $ 12,000 | $ 12,000 | |||
EOS Claim From Principal Commissioner of Customs [Member] | |||||
Loss Contingency Accrual | $ 0 | ||||
EOS Claim From Principal Commissioner of Customs [Member] | EOS Power Panama Inc. [Member] | |||||
Customs Duties and Imposed Fines | $ 900 | $ 1,400 | |||
Payment for Customs Duties and Imposed Fines and Penalties | $ 500 | ||||
Indemnification Period (Year) | 7 years |
Note 16 - Segments (Details Tex
Note 16 - Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Industry in which Entity Operates | 1 |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 16 - Segments - Segments (
Note 16 - Segments - Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | $ 168,777 | $ 170,572 | $ 341,121 | $ 307,290 |
Gross Profit | $ 55,537 | $ 45,452 | $ 109,201 | $ 79,411 |
Gross Profit % | 32.90% | 26.60% | 32% | 25.80% |
Connectivity Solutions [Member] | ||||
Revenue | $ 54,843 | $ 46,096 | $ 108,239 | $ 89,809 |
Gross Profit | $ 20,512 | $ 12,718 | $ 38,708 | $ 24,315 |
Gross Profit % | 37.40% | 27.60% | 35.80% | 27.10% |
Power Solutions and Protection Segment [Member] | ||||
Revenue | $ 87,091 | $ 71,026 | $ 170,272 | $ 129,815 |
Gross Profit | $ 31,124 | $ 20,036 | $ 60,804 | $ 35,974 |
Gross Profit % | 35.70% | 28.20% | 35.70% | 27.70% |
Magnetic Solutions Segment [Member] | ||||
Revenue | $ 26,843 | $ 53,450 | $ 62,610 | $ 87,666 |
Gross Profit | $ 6,595 | $ 15,085 | $ 14,763 | $ 21,975 |
Gross Profit % | 24.60% | 28.20% | 23.60% | 25.10% |
Corporate Segment [Member] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Gross Profit | $ (2,694) | $ (2,387) | $ (5,074) | $ (2,853) |